"We continued to grow revenues in the third quarter, ensuring especially, the quality of sales throughout all our distribution channels. I am particularly pleased with the impact of our Spring-Summer’23 collections and Fashion Show, their success adds further confidence in the acceleration of investment in the second half of the year as we build strength in our capabilities to support our growth agenda", commented Marco Gobbetti, Chief Executive Officer and General Manager of Salvatore Ferragamo.

In the first nine months of 2022, Ferragamo's revenue totalled 921 million euros, reflecting an increase of 17.2% (12.7% at constant exchange rates), on a comparable basis to revenue of 785 million euros recorded in the same period of last year. Net profit in the period rose by 69.2%, reaching 67 million euros, as compared to a net profit of 40 million euros in the first nine months of 2021.

Distribution Channel

As of the 30^th of September, the company's retail distribution channel posted a net sales growth of 17.5% (9.7% at constant exchange rates), amounting to 667.6 million euros, while the wholesale channel recorded an increase in net sales of 26.0% (18.7% at constant exchange rates), which added to 260.4 million euros, as compared to the same period of the prior year.

Geographical Area

On a comparable basis to the first nine months of 2021, net sales in the Asia Pacific region grew by 2.1% (down by 5.4% at constant exchange rates) in the current nine months; Ferragamo noted that the performance in this region was impacted by "the persistence of the restrictions related to the COVID-19 pandemic", particularly in China.

The Japanese market recorded a 19.9% increase (25.5% at constant exchange rates) in net sales in this period, as compared to the same period of the previous year.

In the first three quarters of 2022, the EMEA region registered a net sales growth of 37.3% (37.9% at constant exchange rates), on a comparable basis to the first nine months of 2021. The North American region posted a net sales increase of 29.5% (15.6% at constant exchange rates), year-over-year.

Product Category

The company reported a "significant increase" in the sales of all main product categories in the first nine months of 2022, with shoes and leather categories representing 87% of the total sales. Specifically, in this period, footwear net sales rose by 23.5% (14.7% at constant exchange rates) in this period, reaching 419.7 million euros, and leather goods sales were up by 13.1% (6.4% at constant exchange rates), amounting to 388.0 million euros, on a comparable basis to the same period of last year.